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UKSolicitorJA, Solicitor

Category: Property Law

Satisfied Customers: 4312

Experience: English solicitor with over 12 years experience

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Transfer of property vs. Tenants in Common
I am Australian

Customer Question

Transfer of property vs. Tenants in Common

I am AustralXXXXX XXXXXving in UK (with Indefinite Leave to remain) married to a French national (who is also living in UK). Our property is currently in my sole ownership with a mortgage owing. We both currently work, though will be looking to start a family. Given we may be looking to rent it out in the next 2 years (and move either to France or Australia), I am keen to investigate benefits of either transferring 50% ownership to my wife, or going down the tenants in common route.

What are the benefits or pitfalls to both approaches (especially for foreign nationals such as ourselves).

Firstyly, being foreign nationals or UK nationals has no relevancy to the question you are asking as there are no property ownership restrictions by nationality in the UK.

Secondly, you may wish to apply for naturalisation as a British Citizen before you emigrate to France or Australia in a few years time;

Thirdly, you will need the consent of your lender to add your spouse's name to the deeds, whether your spouse is added as a joint tenant or tenant in common. The difference between a joint tenancy and a tenancy in common is that in a joint tenancy, your share automatically passes to your pouse outside of your estate/Will under the rules of survivorship. In a tenancy in common, your shares go to your estate and pass on according to your Will, not automatically to the surviving partner.

Thanks for your response. Are there any tax differences between the two routes - positives/negatives between the two? I am just going through the remortgaging process so the lender will be notified about any change.

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